XMOS Secures $19M Funding to Accelerate Growth
BRISTOL, England--(BUSINESS WIRE)--Sep 30, 2019--
XMOS, a Bristol-based technology company, today announces the completion of a new $19 million financing round — fuelling the company’s global growth, consolidating its technical leadership in far-field voice interfaces and developing a new product roadmap for the artificial intelligence of things (AIoT).
The funding will support XMOS’s continued growth and an expanded global footprint, including new staff, in its Hong Kong office. This investment will enable the company to capitalise on its technical leadership in the far-field voice interface market, working with leading OEMs around the world.
The funding will also support the development of XMOS’s AIoT solution portfolio. This will build on the company’s 10-year pedigree in deep technology solutions for consumer devices, expanding its product set into a potentially transformative market that will fuel new digital and data services in the smart homes, smart cities and smart factories of the future.
The $19 million investment round comprised equity funding, with participation from existing investors, and a venture debt facility with Harbert European Growth Capital.
Mark Lippett, president and CEO at XMOS, said: “We’re very grateful for the ongoing commitment of our existing investors and welcome Harbert to our exciting journey. This increased investment will be a major part of the growth of the company as we ramp up the rollout of our exceptional XVF3510 2-mic voice interface and accelerate our AIoT roadmap.”
David Bateman, senior managing partner at Harbert European Growth Capital, said: “We have structured our venture debt facility to help later stage scale-ups just like XMOS gain access to capital without diluting its existing shareholders. We’re delighted to join XMOS in its drive to scale its existing business and position itself for the huge opportunity represented by the AIoT.”
XMOS stands at the intersection between voice-processing, edge-AI and the IoT (AIoT). Backed by some of the best names in high-tech venture capital, XMOS’ unique silicon architecture and differentiated software delivers class-leading voice-enabled solutions to a wide variety of AIoT applications.
About Harbert European Growth Capital
Harbert European Growth Capital provides specialty debt financing to European growth businesses with strong management, proven revenue traction and in need of capital to fuel organic growth, predominantly in the technology, life sciences and environmental sectors.
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KEYWORD: UNITED KINGDOM EUROPE
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PUB: 09/30/2019 09:53 AM/DISC: 09/30/2019 09:53 AM